Assisted Living Concepts settles lawsuit with Chicago firm

Assisted Living Concepts Inc. signed and closed on an agreement with Ventas Realty Limited Partnership and MLD Delaware Trust for the purchase of 12 residences consisting of 696 units.

The purchase price is $97 million plus $3 million for a litigation settlement fee plus Ventas’s expenses in connection the lawsuit filed by the Chicago company against Assisted LIving Concepts, Menomonee Falls.

The residences, five located in Georgia, four in South Carolina and one each in Florida, Alabama and Pennsylvania were previously operated by ALC under master lease agreements with Ventas Realty and MLD.

The transaction was funded with borrowings available under Assisted Living Concepts' $125 million revolving credit agreement.

“We are pleased to reach a mutually satisfactory arrangement with Ventas and to have acquired these 12 residences,” said Charles Roadman, Assisted Living president and CEO. “While we have had some recent regulatory challenges at several of these properties, we are taking actions to address these challenges and to enhance their quality.”